Brookfield, alongside La Caisse, has agreed to acquire Boralex in a transaction valuing the renewable energy platform at approximately $9.7bn.

Under the terms of the agreement, Boralex shareholders will receive $37.25 per share in cash, representing a 31.8% premium to the latest closing price and a 36.4% premium to the 30-day volume-weighted average price.

The transaction will see Brookfield take a 70% stake in the business, while La Caisse, already the company’s largest shareholder, will increase its ownership to 30% through a post-closing investment.

The deal is designed to provide Boralex with long-term capital and operational support as it accelerates the execution of its development pipeline across wind, solar, hydro, and battery storage assets.

“Combining Brookfield’s customer and supply chain partnerships, long-term capital, and deep operational know-how in renewables, with the strong foundation built by Boralex will help grow our presence in Canada and other attractive energy markets,” said Jehangir Vevaina, Global Chief Investment Officer, Energy at Brookfield.

Boralex operates a diversified renewable energy portfolio of approximately 3,800 megawatts, with over 90% of assets contracted under long-term agreements, providing stable and predictable revenues.

The company also has a substantial pipeline of projects under development, including more than 1,600 megawatts in advanced-stage projects and a broader pipeline exceeding 5,600 megawatts.

The transaction has been unanimously approved by Boralex’s board and is expected to close by Q4 2026, subject to shareholder and regulatory approvals.

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